Houston Helga, Senior Executive Vice President at Huntington Bancshares Inc. (NASDAQ:HBAN), recently sold 6,455 shares of common stock. The shares were sold at a price of $15.43 each, resulting in a total transaction value of approximately $99,600. Following the sale, Helga holds 558,342 shares directly. Additionally, Helga has indirect ownership of 326,958 shares through an Executive Deferred Compensation Plan and 18,661 shares via the Issuer's Supplemental Stock Purchase and Tax Savings Plan.
In other recent news, Huntington Bancshares reported strong third-quarter earnings, with earnings per common share of $0.33 and a return on tangible common equity of 16.2%. The bank also saw a year-over-year loan growth of 3.1% and an increase in deposits by $8.3 billion. Furthermore, the bank is projecting record net interest income by 2025 and anticipates loan growth of 4-5% year-over-year for the fourth quarter.
Citi has reaffirmed its Buy rating on Huntington Bancshares, with a price target of $18.00. The firm's analysis suggests a positive outlook for the bank's financial performance, particularly due to anticipated benefits from fixed asset repricing and a strategy to manage interest rate impacts.
On the other hand, Piper Sandler adjusted its price target for Huntington Bancshares to $15.00, maintaining its Underweight rating. The firm's analysts have fine-tuned their earnings per share estimates for the upcoming years, slightly increasing the 2024 estimate and reducing the 2025 forecast.
Huntington Bancshares also expanded its branch network into the Carolinas and enhanced its merchant acquiring capabilities. However, a slight decline in net interest margin to 2.98% was noted. The bank's management expressed confidence in sustaining strong loan growth into 2024, particularly in commercial and mortgage services.
InvestingPro Insights
As Houston Helga's recent stock sale at Huntington Bancshares Inc. (NASDAQ:HBAN) catches investor attention, it's worth examining some key financial metrics and insights provided by InvestingPro to gain a broader perspective on the company's performance.
Huntington Bancshares has demonstrated strong market performance, with a notable 71.13% total return over the past year. This impressive gain aligns with an InvestingPro Tip indicating that the stock is trading near its 52-week high, currently at 97.01% of that peak. Such momentum could be attracting profit-taking by insiders like Helga.
Despite the recent insider sale, the company's fundamentals appear solid. With a P/E ratio of 14.83, HBAN is trading at a relatively modest valuation compared to some peers in the banking sector. Moreover, the company boasts a dividend yield of 3.98%, supported by an InvestingPro Tip highlighting Huntington's impressive track record of maintaining dividend payments for 54 consecutive years. This consistency in shareholder returns may provide some reassurance to investors concerned about the insider selling activity.
It's also noteworthy that while the company faces challenges with weak gross profit margins, as pointed out by another InvestingPro Tip, Huntington Bancshares remains profitable. The company's operating income margin stands at a healthy 35.16% for the last twelve months, indicating efficient operations despite margin pressures.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips and a wealth of real-time data to inform investment decisions. This additional insight could be particularly valuable given the complex nature of the banking sector and the mixed signals sent by insider transactions.
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